Hawaii Fix and Flip - An Endless Market
Many of my best clients are investors looking to buy homes or condos for both fix and flip and/or long term hold. Either way, the process and formula for doing them successfully has not changed much over the years. Buy low, keep your improvement costs under a tight budget and make sure your sold comparables support at least a 30% return on investment....with less than a 6 month hold time! If anything, the advent of non-judicial foreclosures in Hawaii has created a huge backlog of pre-foreclosures, (whereby you get a chance to negotiate with the seller who is still in charge of the property) So the market is ripe with many months, if not years of back logged inventory just sitting there ready to be found, bought, renovated and sold. SO the big question then is "How Do I Find The Deals?" Well, I am glad you asked. I actually made a video that covers my top strategies for finding deals hiding in plain sight. Please watch below.
In my next video series, I plan to cover the somewhat dubious process of finding good, reliable, honest, and **economical** Hawaii General and Sub-contractors to do the rehab. There is no question that once you find the right team your headaches go slightly away and more of your profit will end up in your pocket (not theirs!). With the wrong team, you can rest assured it can/will be a nightmare and a potentially very costly one at that.
Allow me to me give you one example of such quality contractor you must have. A good flat work concrete, masonry, and rock wall builder. Why is this one so important? You need to evaluate the foundation and know that is is sound. If not, how much will it costs to repair? This can be horrendously expensive (a deal killer for sure) and in Hawaii really bad contractors are everywhere. When I found "Tau Masonry" here on Maui, I was more than satisfied with there work. (They service all of the islands by the way) Not only are they licensed and insured, but they are very reasonably priced and offered a long list of past satisfied clients. You can check them out here www.MauiConcreteContractor.com (these guys are so "old school" they did not even have a website, so I helped them put up this site)
Looking for Bank Owned and Foreclosed Property in Hawaii. Click each link below for each island.